The secondary market for life insurance policies in the United States market evolution and product valuation

Unti, Marco (2010) The secondary market for life insurance policies in the United States market evolution and product valuation, [Dissertation thesis], Alma Mater Studiorum Università di Bologna. Dottorato di ricerca in Mercati e intermediari finanziari, 22 Ciclo.
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Abstract

In this work we discuss the secondary market for life insurance policies in the United States of America. First, we give an overview of the life settlement market: how it came into existence, its growth prospects and the ethical issues it arises. Secondly, we discuss the characteristics of the different life insurance products present in the market and describe how life settlements are originated. Life settlement transactions tend to be long and complex transactions that require the involvement of a number of parties. Also, a direct investment into life insurance policies is fraught with a number of practical issues and entails risks that are not directly related to longevity. This may reduce the efficiency of a direct investment in physical policies. For these reasons, a synthetic longevity market has evolved. The number of parties involved in a synthetic longevity transaction is typically smaller and the broker-dealer transferring the longevity exposure will be retaining most or all of the risks a physical investment entails. Finally, we describe the main methods used in the market to evaluate life settlement investments and the role of life expectancy providers.

Abstract
Tipologia del documento
Tesi di dottorato
Autore
Unti, Marco
Supervisore
Dottorato di ricerca
Scuola di dottorato
Scienze economiche e statistiche
Ciclo
22
Coordinatore
Settore disciplinare
Settore concorsuale
URN:NBN
Data di discussione
3 Giugno 2010
URI

Altri metadati

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